3. Marketing Overtime Ltd 3. Marketing Plan
The question it answers: Who will buy this product, and how will we sell it to them?
It should include:
ґ The results of any surveys, focus groups or market research that prove there is a demand for the product.
ґ The target market – the group of customers the product is aimed at (their age, gender, habits)
ґ The marketing mix of the main competitors.
ґ The Marketing Mix for the business: Product, Price, Place and Promotion.
ґ Market research: A survey of 200 GAA and camogie players in Munster found that 78% would buy a low-sugar Irish sports drink if it was priced under €2.
ґ Target market: Sports players, school teams and gym users aged 14-35.
ґ Main competitors: Lucozade Sport, Powerade and Energise Sport.
ґ Product: A 500ml low-sugar sports drink in three flavours: Lemon and Lime, Orange, and Wild Berry.
ґ Price: €1.80 per bottle, undercutting the average market price of €2.20.
ґ Place: Sold through GAA club shops, Centra and SuperValu in Munster.
ґ Promotion: TikTok campaign with young sports stars.
4. Production Overtime Ltd 4. Production Plan
The question it answers: How will the product be made? It should include: ґ The location of the premises.
ґ The equipment needed to make the product.
ґ The main suppliers of raw materials.
ґ The number of staff needed. 5. Finance Overtime Ltd 5. Financial Plan
The question it answers: Will the business be able to pay its bills and earn a profit? It should include:
The total start-up costs and how they will be funded.
A Cash Flow Budget for the first year – this sets out the projected income and expenditure for the business.
Sales and profit forecasts based on market research.
Source of finance Owners’ own savings €10,000 LEO start-up grant €5,000 AIB start-up loan €15,000 Total funding
Overtime Ltd will rent a small production unit at the Clonmel Enterprise Park.
ґ Equipment: A bottling machine and a labelling machine.
ґ Premises: A small warehouse area for finished stock.
ґ Suppliers: Spring water sourced from a producer in the Comeragh Mountains.
ґ Staff: Two production employees and one delivery driver will be hired in Year 1.
€30,000
Cash Flow Budget: A full month-by-month Cash Flow Budget for Years 1-3 has been prepared.
The owners have arranged a €5,000 bank overdraft with AIB to cover the deficit in November of Year 1.
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STRAND 2 CHAPTER 22: A business plan
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